Shiba Inu’s 169% burn rate spike turned out to be a failure: Details

The Shiba Inu burn rate has increased by 169% in the past 24 hours, but despite this increase, the number of Shiba Inu tokens burned is still small, with less than 200,000 SHIB tokens.

According to Siburn, Shiba Inu’s daily burn rate skyrocketed by 169.98%, with just 187,420 tokens burned. The numbers burned are a far cry from the typical 1 million SHIB burn and may in some cases be accompanied by a reduction in burn rate.

A 169.98% burn rate spike with the burning of 187,420 SHIB tokens could be a reality, but this is not so far-fetched as a smaller amount of SHIB tokens were burned the day before yesterday.

According to Shibburn, 69,420 SHIB tokens were burned on December 11th, reducing the SHIB burn rate by 95.27%. Therefore, the jump in burn rate of 169.98% represents a reversal from the previous day’s spike and is still significant.

Over the past 7 days, 63,693,707 SHIB tokens were burned, increasing the weekly burn rate by 17.71%. Although the amount of SHIB tokens burned daily and weekly has decreased, it is not completely useless as it has contributed to a slight decrease in the total supply of SHIB (currently 589,246,093,930,100 SHIB tokens).

SHIB waits for movement in December

The Shiba Inu soared to $0.000009 on December 9th and then fell back, declining for two days in a row, but is now attempting to rebound. At the time of writing, SHIB had risen 2.51% in the past 24 hours to $0.000008447 from $0.00000818 the previous day.

Markets remain indecisive as investors still evaluate the Fed’s latest rate cut after the central bank’s Federal Open Market Committee cut borrowing rates by a quarter of a percentage point on Wednesday to a range of 3.5% to 3.75%.

Fed Chairman Jerome Powell said in a post-meeting press conference that the Fed is “well positioned to wait and watch developments in the economy,” indicating that the Fed intends to slow the pace of future interest rate cuts. The Fed only expects one rate cut in 2026.